We think the risk-reward is skewed in investors’ favour at current levels. The current share overhang is technical, finite and time-bound, linked to the AIM Main Market transition rather than underlying fundamentals. Against this, investors have downside support from the ongoing buyback, while the current rating reflects conservative trading assumptions and limited near-term M&A. With regulatory outcomes now visible, H1 trading expected to be in line, and the supply dynamic likely to clear through Q1, we see scope for sentiment and ownership to normalise from here. On this basis, we would be buyers at current levels.